Instructions in a more idiot-proof* format:
1. Make a new image
2. Make the background black
3. Make a new layer and type your text in white, as near as possible to the middle of the image.
4. Either (Select -> All, then Edit -> Copy Merged, then Edit -> Paste) or (Layer -> New -> Layer, then hold down ALT while doing Layer -> Merge Visible)
5. Filter -> Distort -> Polar Coordinantes -> Polar to Rectangular.
6. Image -> Rotate Canvas -> 90° CW
7. Filter -> Stylize -> Wind -> Method: Wind, Direction: From the Right (
do this step three times)
8. Image -> Rotate Canvas -> 90° CCW
9. Filter -> Distort -> Polar Coordinantes -> Rectangular to Polar.
10. Activate the text layer and hold SHIFT + CTRL and hit Backspace (this changes the text colour to black so you can do it another way if you prefer).
11. Move the text layer to the top of the stack. You might also have to move it around a bit to make sure it lines up.
12. Add a new layer set to Color blending mood and filled with a colour of your choice.
* I am not implying anyone is an idiot, I just can't think of a better phrase